Australian Economy Expands 0.4% in Q2, Interest Rate Expectations Rise

Australia's economy expanded by 0.4% in the June quarter, according to recent figures released by Proactive financial news.

This growth brings annual growth to 2.1%, but it's worth noting that this figure slowed from 2.5% in the March quarter.

The Reserve Bank of Australia (RBA) has been keeping a close eye on interest rates, and these numbers have strengthened expectations that they could remain higher for longer.

Bernie Chong, senior APAC market strategist at BNY, said 'Austalia's Q2 GDP rose 0.4% q/q, while annual growth eased to 2.1% from 2.5% in Q1.'